{"id":45735,"date":"2026-01-14T14:54:06","date_gmt":"2026-01-14T14:54:06","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/?p=45735"},"modified":"2026-05-26T18:14:54","modified_gmt":"2026-05-26T18:14:54","slug":"perspective-why-thinking-beyond-the-basics-can-level-up-your-retirement","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/insights\/perspective-why-thinking-beyond-the-basics-can-level-up-your-retirement","title":{"rendered":"Why thinking beyond the basics can level-up your retirement"},"content":{"rendered":"\n<p>Authors: <a href=\"https:\/\/www.rbcwealthmanagement.com\/en-uk\/our-people\/shaz-bishop\">Shaz Bishop<\/a> &amp; <a href=\"https:\/\/www.rbcwealthmanagement.com\/en-uk\/our-people\/imogen-congdon\">Imogen Congdon<\/a><\/p>\n\n\n\n<p>For many of us, retirement planning feels like a dual journey: accumulating wealth before retirement and decumulating it afterwards.<\/p>\n\n\n\n<p>While pensions and ISAs form the bedrock of our retirement plans, advanced tools like offshore bonds, Venture Capital Trusts (VCTs), and the Enterprise Investment Scheme (EIS) can enhance flexibility &#8211; for both pre-retirees maximising growth and retirees optimising income.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-pensions-have-their-limits\"><strong>Pensions have their limits<\/strong><\/h2>\n\n\n\n<p>If you\u2019re a higher earner, pensions provide valuable tax relief, but only up to a point. For the 2025\/26 tax year, you can claim tax relief on pension contributions up to \u00a360,000 annually. This reduces to an amount between \u00a310,000 and \u00a360,000 if you earn over \u00a3200,000, which is called the tapered annual allowance. Because of this limit, high earners find they need additional investment strategies to secure the retirement they want.<\/p>\n\n\n\n<p>\u201cMany of my clients are high earners who\u2019ve hit the limits on how much they can pay into pensions,\u201d says Shaz Bishop, a wealth manager at RBC Brewin Dolphin. \u201cThey\u2019re looking for alternative ways to invest and manage money more tax-efficiently.\u201d<\/p>\n\n\n\n<p>ISAs are another tax-efficient tool to be used in addition to your pension. In the 2025\/26 tax year, you can invest up to \u00a320,000 into a cash or stocks and shares ISA. All returns on investments in ISAs are tax-free, and you have the option to split your \u00a320,000 allowance between different types of ISAs.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-maximise-your-retirement-income\"><strong>How to maximise your retirement income<\/strong><\/h2>\n\n\n\n<p>As you move into retirement, how and when you take income becomes increasingly important. With work winding down, you need the money you\u2019ve saved to stretch as far as possible, and that means managing how much tax you pay as efficiently as possible. This is particularly important at the start of your retirement when you may still be a higher or additional-rate income taxpayer.<\/p>\n\n\n\n<p>While you can draw an income from your ISAs and take up to 25% of your pension as a tax-free lump sum (capped at \u00a3268,275), beyond that you\u2019ll pay income tax.<\/p>\n\n\n\n<p>This is where additional investment wrappers can play a role. These are products that hold your investments \u2013 whether that\u2019s cash, shares or funds \u2013 and have certain tax reliefs.<\/p>\n\n\n\n<p>Beyond ISAs and pensions, individuals who regularly max out their pension allowance, ISA contributions and capital gains allowance, can explore additional tax-efficient ways to grow wealth. These include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Offshore bonds (also known as international bonds)<\/li>\n\n\n\n<li>Venture Capital Trusts (VCT)<\/li>\n\n\n\n<li>Enterprise Investment Scheme (EIS)<\/li>\n<\/ul>\n\n\n\n<p>\u201cIt\u2019s about complementing, not replacing, your core portfolio,\u201d says Imogen Congdon, a wealth manager at RBC Brewin Dolphin. \u201cThese wrappers give you more flexibility and diversification.\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-offshore-bonds\"><strong>Offshore bonds<\/strong><\/h2>\n\n\n\n<p>Offshore bonds operate in a similar way to ISAs and pensions in that they are tax-efficient wrappers for your money. The main difference is they\u2019re held outside of the UK \u2013 typically in the Isle of Man or Ireland.<\/p>\n\n\n\n<p>Offshore bonds let you hold a variety of investments, but it&#8217;s how the gains are treated for tax that allows them to prove useful. Investment returns generated by the assets in the bond are not subject to UK tax until a chargeable event occurs. You can also withdraw up to 5% of your initial investment annually without triggering an immediate tax charge. Income tax only applies once your withdrawals exceed this allowance.<\/p>\n\n\n\n<p>\u201cOne key advantage of offshore bonds is that any unused withdrawal allowance can be carried forward to the next tax year,\u201d says Bishop. \u201cThis deferral can significantly benefit higher and additional-rate taxpayers, who may choose to delay paying tax until their circumstances change.<\/p>\n\n\n\n<p>\u201cFor example, in retirement, you might move into a lower tax band or relocate abroad, resulting in a lower tax rate. Deferring tax can also help investors who\u2019ve already used their annual capital gains tax allowance.\u201d<\/p>\n\n\n\n<div class=\"wp-block-rbcwm-card rbc-card\"><div class=\"rbc-card-wrap\"><div class=\"rbc-card-body\"><div>\n<h4 class=\"wp-block-heading\" id=\"h-in-practise\"><strong>In practise<\/strong><\/h4>\n\n\n\n<p><em>If you invest \u00a31 million into an offshore bond, you can withdraw \u00a350,000 a year (5% of the original investment) and you can do this for 20 years (5% x 20 years = 100% of the original investment). This means you won\u2019t have any immediate tax due on those withdrawals, as they\u2019re treated as return of capital and not income. Tax is assessed when a chargeable event occurs, such as cashing in the bond or withdrawing over 5%.<\/em><\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-venture-capital-trusts\"><strong>Venture Capital Trusts<\/strong><\/h2>\n\n\n\n<p>VCTs also offer attractive tax benefits, but their tax treatment is changing soon.<\/p>\n\n\n\n<p>Investors receive 30% income tax relief on investments of up to \u00a3200,000 per tax year if they invest before April 2026, after that the relief is being cut to 20%. Any profits or dividends are free from capital gains and income tax too. To qualify for the income tax relief, you must hold your VCT shares for at least five years. After that, you can choose to sell and reinvest to claim further relief.<\/p>\n\n\n\n<p>\u201cVCTs are useful wealth planning tools because they provide tax-free dividends,\u201d says Congdon. \u201cIt can remain invested, generating tax-free returns, which is another good diversifier for retirement income.\u201d<\/p>\n\n\n\n<p>With a VCT, your money is invested in small or early-stage businesses that aren\u2019t listed on the stock market. This means they\u2019re higher risk as many firms fail in their early years &#8211; that\u2019s why VCT investors can claim tax reliefs. That said, there\u2019s also the possibility of big rewards with the firms that do well.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-enterprise-investment-scheme\"><strong>Enterprise Investment Scheme<\/strong><\/h2>\n\n\n\n<p>The EIS shares some similarities with VCTs. It\u2019s designed to encourage investment in start-up and early-stage companies, so it provides generous tax reliefs to offset the higher risks involved.<\/p>\n\n\n\n<p>Investors can claim 30% income tax relief and defer capital gains tax if they hold their investments for three years; they can also benefit from inheritance tax advantages after holding their investments for two years. You can invest up to \u00a32 million a year through the scheme.<\/p>\n\n\n\n<p>\u201cWith EIS, you also have the option to recycle,\u201d says Congdon. \u201cAfter the three-year holding period you can sell, reinvest and claim the tax relief again.\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-considering-your-options\"><strong>Considering your options<\/strong><\/h2>\n\n\n\n<p>These structures can work well as part of a broader retirement plan. However, these are long-term investments with exposure to early-stage businesses and all the volatility that can bring. So, you need to ensure they are the best fit for your personal situation and needs and ensure you have adequate money held elsewhere to cover any short or medium-term expenses.<\/p>\n\n\n\n<p>As Congdon advises: \u201cBefore investing in EIS or VCTs, I\u2019d usually ensure clients have a healthy amount of funds available in a general investment account as that\u2019s more flexible.\u201d<\/p>\n\n\n\n<p>With the <a href=\"https:\/\/www.rbcwealthmanagement.com\/en-uk\/insights\/uk-autumn-budget-2025-how-will-it-impact-your-finances\">2025 Autumn Budget<\/a> bringing tax to the forefront of all our minds, end of year bonuses being paid and the end of the tax year on the horizon, now is a great time to review your planned transition from accumulation to decumulation. Your wealth manager can help you assess whether options such as VCTs, EIS or offshore bonds could complement your existing plans.<\/p>\n\n\n\n<p>&nbsp;\u201cMake sure they fully understand your financial objectives and what your retirement goals are,\u201d says Bishop.<\/p>\n\n\n\n<p>Congdon adds: \u201cDon\u2019t dismiss your pension either. That\u2019s often the most efficient way to build up a retirement portfolio and it\u2019s going to give you excellent tax relief. Only once that\u2019s done, would I then consider advanced investments such as VCTs or EIS.\u201d<\/p>\n\n\n\n<p>The right approach will depend on your circumstances, timescale and attitude to risk. Your wealth manager can work with you to establish whether these retirement tools are suitable for your needs.<\/p>\n\n\n\n<section class=\"wp-block-rbcwm-rbc-block rbc-block\"><div class=\"container\"><div class=\"row justify-content-center\"><div class=\"col-lg-12\">\n<div style=\"height:2px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-rbcwm-card rbc-card rbc-card-shadow\"><div class=\"rbc-card-wrap\"><div class=\"rbc-card-body\"><div>\n<h3 class=\"wp-block-heading\" id=\"h-about-the-author\">About the author<\/h3>\n\n\n\n<div class=\"wp-block-rbcwm-columns container\"><div class=\"row blockId-3998998e-490c-401b-aef4-823af6407248\">\n<div class=\"wp-block-rbcwm-column col-lg-4\">\n<figure class=\"wp-block-image size-large is-resized is-style-rounded\"><img loading=\"lazy\" decoding=\"async\" width=\"256\" height=\"256\" src=\"https:\/\/www.rbcwealthmanagement.com\/assets\/wp-content\/uploads\/wme\/uk\/Shaz-256x256-1.jpg?w=256\" alt=\"Shaz Bishop Headshot\" class=\"wp-image-38609\" style=\"aspect-ratio:1;object-fit:contain;width:256px;height:auto\"\/><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-rbcwm-column col-lg-8\">\n<h4 class=\"wp-block-heading\" id=\"h-shaz-bishop\"><a href=\"https:\/\/www.rbcwealthmanagement.com\/en-uk\/our-people\/shaz-bishop\">Shaz Bishop<\/a><\/h4>\n\n\n\n<p class=\"is-style-subheader\">Director, Wealth Manager<\/p>\n\n\n\n<p>Shaz advises private clients across a wide range of financial planning areas, such as tax-efficient investment, pensions and retirement planning, investment planning, inheritance tax planning, trusts and offshore investment.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-rbcwm-columns container\"><div class=\"row blockId-3998998e-490c-401b-aef4-823af6407248\">\n<div class=\"wp-block-rbcwm-column col-lg-4\">\n<figure class=\"wp-block-image size-large is-resized is-style-rounded\"><img loading=\"lazy\" decoding=\"async\" width=\"892\" height=\"919\" src=\"https:\/\/www.rbcwealthmanagement.com\/assets\/wp-content\/uploads\/wme\/uk\/imogen.jpg?w=892\" alt=\"Imogen Congdon\" class=\"wp-image-44554\" style=\"aspect-ratio:1;object-fit:cover;width:256px\"\/><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-rbcwm-column col-lg-8\">\n<h4 class=\"wp-block-heading\" id=\"h-imogen-congdon\"><a href=\"https:\/\/www.rbcwealthmanagement.com\/en-uk\/our-people\/imogen-congdon\">Imogen Congdon<\/a><a href=\"https:\/\/www.rbcwealthmanagement.com\/en-uk\/our-people\"><\/a><\/h4>\n\n\n\n<p class=\"is-style-subheader\">Financial planner<\/p>\n\n\n\n<p>Imogen joined Brewin Dolphin in 2022 and is a Financial Planner in the London office. She creates financial plans and advises private clients in the accumulation phase leading up to and during retirement. This includes pension, tax planning, inheritance tax and protection.<\/p>\n<\/div>\n<\/div><\/div>\n<\/div><\/div><\/div><\/div>\n<\/div><\/div><\/div><\/section>\n\n\n\n<div class=\"wp-block-rbcbd-short-cta-banner rbc-card-well row justify-content-center\"><div class=\"col-lg-12\"><div class=\"rbc-card text-center ani-up b-primary\"><div draggable=\"false\" class=\"rbc-card-wrap\"><div class=\"rbc-card-body false \"><div class=\"d-flex justify-content-center\"><div class=\"paragraph-mw\">\n<h3 class=\"wp-block-heading h3\" id=\"h-more-from-perspective\">More from Perspective<\/h3>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flow wp-block-buttons-is-layout-flow\">\n<a class=\"wp-block-button mx-half mt-1 is-style-primary-optional rbc-button rbc-button-primary-outline\" href=\"https:\/\/www.rbcwealthmanagement.com\/en-uk\/perspective\">View more content<\/a>\n<\/div>\n<\/div><\/div><\/div><\/div><\/div><\/div><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>EIS and VCT investments are considered high risk investments. They are only suitable for UK resident taxpayers who can tolerate higher risk and have a suitable timeframe for investment. Tax reliefs are subject to a minimum investment period and cannot be guaranteed. The value of investments, and any income from them, can fall and you may get back less than you invested. This does not constitute financial planning, tax, or legal advice. Tax treatment depends on the individual circumstances of each client and may be subject to change in the future. You should always check the tax implications with an accountant or tax specialist. Information is provided only as an example and is not a recommendation to pursue a particular strategy.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Whether you\u2019re building wealth for retirement or managing income in later life, these tools can help you navigate tax efficiency and risk across life stages.<\/p>\n","protected":false},"author":145,"featured_media":45736,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rbcwm_post_date":"","editor_notices":[],"rbc_url_alias":"","rbcbd_featured_desktop_image_position":"","rbcbd_featured_mobile_image_position":"center-right","footnotes":"","jetpack_post_was_ever_published":false},"categories":[324],"tags":[],"rbcwm_content_owner":[],"rbcwm_need":[768,769],"rbcwm_segment":[772],"rbcwm_solution":[758],"rbcwm_topic":[108,757],"rbcwm_channel":[99,782,781],"rbcwm_format":[779],"class_list":["post-45735","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-retirement","rbcwm_need-grow","rbcwm_need-secure","rbcwm_segment-individuals","rbcwm_solution-wealth-planning","rbcwm_topic-pensions-and-retirement","rbcwm_topic-wealth-planning","rbcwm_channel-private-clients","rbcwm_channel-professional-partners","rbcwm_channel-uk-individual","rbcwm_format-article"],"acf":{"rbc_ct_service":"","rbc_ct_theme":false,"rbc_ct_topic":false,"rbcwm_subtitle":"Whether you\u2019re building wealth for retirement or managing income in later life, these tools can help you navigate tax efficiency and risk across life stages.","rbcwm_post_author":"","rbcwm_custom_breadcrumb_text":"Perspective","rbcwm_custom_breadcrumb_link_url":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/perspective","rbcwm_disclaimers":{"add_disclosures":"","perspective_disclaimer":"","expandable":"","omit_from_pages":"","disclaimer_footnote":""},"rbcwm_insight_cta_id":"","rbcwm_pagination":{"next_link":"","next_link_text":"Next article","previous_link":"","previous_link_text":"Previous article"},"rbcwm_video_duration":"","article_time":"","rbcwm_enable_toc":false},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v27.6) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Why thinking beyond the basics can level-up your retirement &#8211; RBC Wealth Management United Kingdom<\/title>\n<meta name=\"robots\" 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